Coinbase broke the news to affected employees in a particularly cold way: by email, sent to employees' personal email accounts because they immediately cut access to employees' work accounts. "Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensure not even a single person made a rash decision that harmed the business or themselves," wrote CEO Brian Armstrong in a message to employees that was subsequently published as a blog post.
- "A message from Coinbase CEO and Cofounder, Brian Armstrong", Coinbase blog
- "Crypto Exchange Coinbase to Lay Off 18% of Staff", Wall Street Journal
This is the latest in a long string of Discord compromises. Other hacked servers in recent days included those for Curiosities, Meta Hunters, Parallel, Goat Society, RFTP, and Gooniez.
It's hard to say why the collector accepted such a low offer. Some have speculated that they were tax loss harvesting to offset other gains, while others have wondered if the collector's account might have been compromised. It's also possible that the collector was cutting losses, not expecting the demand for their NFT to rebound anytime soon.
Rumors of a downturn across the tech industry more broadly have been swirling for several months, but crypto companies appear to be being hit particularly hard as they simultaneously endure "crypto winter".
- "Crypto crash wreaking havoc on DeFi protocols, CEXs", Cointelegraph
I love it when I go to my bank to grab some cash from the ATM and discover that I can't, because someone else's cash clogged up the pipe.
The pause occurred as Bitcoin was reaching record low prices not seen since 2020, contributing to the ongoing pattern of Binance suddenly pausing withdrawals or undergoing maintenance during periods of chaos in the crypto ecosystem.
The lawsuit argues that UST is an unregistered security, and that as a result, Binance.US was violating securities laws by listing it. The lawsuit also alleges that Binance.US misled investors, leading them to believe that UST was more stable than it actually was. More than 2,000 investors have joined the lawsuit.
The attackers have distributed the tampered applications through websites that clone the legitimate applications' websites. Through search engine poisoning, primarily via Chinese search engines like Baidu, the attackers have successfully gotten unsuspecting users to install the malicious programs.
- "Hackers clone Coinbase, MetaMask mobile wallets to steal your crypto", BleepingComputer
Crypto researcher Small Cap Scientist suggested on June 9 that the sell-offs may have been triggered by a "canary in the coal mine": a 50,000 stETH (nominally worth $45.8 million) sell-off by Alameda Research, a trading firm founded by Sam Bankman-Fried. SCS also reported that Celsius Network was "quickly running out of liquid funds to pay back their investors", and "they are taking massive loans" against "billions in illiquid positions" to pay back customers.
There has been a lot of concern lately about Celsius' reserves and its ability to honor redemptions, with some speculating that the platform might be underwater and forced to default. Celsius released a blog post on June 7 titled, "Damn the Torpedoes, Full Speed Ahead" where they accused "vocal actors" of "spreading misinformation and confusion", and promised that "Celsius continues to process withdrawals without delay", and that "Celsius has the reserves (and more than enough ETH) to meet obligations".
Celsius' June 12 announcement did not include any details on what their plans would be, just that they hoped it would allow them to "stabilize liquidity and operations while we take steps to preserve and protect assets".
On June 14, the Wall Street Journal reported that Celsius had hired restructuring attorneys.